Sahara properties to be auctioned next month; bids start at Rs 1,900 crore
The auction would be conducted by SBI Capital Markets and HDFC Realty, which have been tasked to auction a total of 61 land parcels, on July 13 and July 15 respectively.
Markets regulator Securities and Exchange Board of India (Sebi) will sell a total of 16 land parcels of Sahara in a bid to recover dues of investors. The sale will be done through e-auction process next month at a reserve price of about Rs 1,900 crore.
The auction would be conducted by SBI Capital Markets and HDFC Realty, which have been tasked to auction a total of 61 land parcels, on July 13 and July 15 respectively, according to a PTI report.
This includes a total of 31 land parcels which will be auctioned by HDFC Realty with estimated market value of Rs 2,400 crore and 30 land parcels by SBI Cap worth Rs 4,100 crore.
Apart from this, the two are already scheduled to e-auction five properties each on July 7 and July 4 at a reserve price of nearly Rs 1,200 crore.
This will take the total fund raising from these auctions to at least Rs 3,100 crore as per the reserve price.
Sebi had appointed HDFC Realty and SBI Cap on being instructed by the Supreme Court to initiate the sale of Sahara's properties.
In a public notice issued today, SBI Cap said it will e-auction as many as eight land parcels on July 13 between 10.30 am and 11.30 am. These properties will fetch over Rs 1,196 crore - the reserve price, said the PTI report.
HDFC Realty will also e-auction five land parcels on July 15 between 11 am and 12 am at a reserve price of over Rs 702 crore, it said in a separate notice.
These properties are located in Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. The assets being sold are residential, agricultural and non-agricultural land.
Interested bidder can inspect these land parcels between June 16 and June 17.
As per the court directions, these properties cannot be sold at less than 90% of circle rates.
After spending two years in jail, Sahara chief Subrata Roy is currently out on parole. He was sent to jail on the orders of the Supreme Court in a long running dispute with Sebi.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
02:09 PM IST